**REGISTERED COMPANY NUMBER: 05088258 (England and Wales) REGISTERED CHARITY NUMBER: 1104101** ## **Report of the Trustees and** ## **Unaudited Financial Statements for the Year Ended 29 September 2020 for** ## **Fusionarts Limited** Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD **Fusionarts Limited** ## **Report of the Trustees for the Year Ended 29 September 2020** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 September 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and activities Objectives and activities** It is to promote, maintain and advance education in the arts by the provision of facilities and training for artists. To provide facilities to encourage knowledge, understanding and appreciation of the applied arts through exhibitions and education with the object of giving the widest possible access to all members of the public, in particular the inhabitants of Kingston Upon Thames, the county of Surrey and the London area. ## **Principal activities** Currently the operations and continuing development of the studios as a focus point for artists in Kingston, the support given to the Kingston University art students. The holding or exhibitions of work both to the studio artists and students. Working with the University and Borough to establish more permanent displays of the work of local artists for the benefits of the community. ## **Social investments** Given that this charity is in its infancy as and when surplus funds exist it is the intention of the trustees that the monies should be invested in a savings account with their bankers Lloyds TSB. This policy will be reviewed annually in the light of the progress made. ## **Independent examiner** A resolution will be proposed at the Annual general meeting that Ms Lisa Carr of Freeman Carr be re-appointed as Independent Examiner to the charity for the ensuing year. ## **Structure, governance and management** ## **Governing document** The constitution adopted on 14 February 2004 is governing document of the charity. The charity was established under the constitution which established the objects and powers of the charity and is governed under its constitution. ## **Recruitment and appointment of new trustees** Under the terms of the charity's constitution, management of the charities affairs is vested in a board of trustees. The board of trustees has the right to appoint members to the board either as additional members or to fill any casual vacancies. ## **Financial Review** These are shown in the accompanying financial statements and reflect the continuing financial stability of the charity. As disclosed more fully in the notes to the financial statements, FusionArts has future financial commitments under the lease of the four floors at 53 Eden Street, Kingston. The lease whilst five years has a break clause after three years . The charity's reserve at the end of the year is £18,341 all of which is unrestricted. Page 1 **Fusionarts Limited** ## **Report of the Trustees for the Year Ended 29 September 2020** ## **Structure, governance and management Trustee induction and training** The chair of the trustees is responsible for the induction of any new trustees which involves awareness of trustee's responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leaflet 'The essential trustee: What you need to know'. ## **Principal funding sources** The principal funding source for the charity is currently by way of rental income from artists for the use of studios. ## **Reserves policy** Reserves are held to cover unexpected expenditure; in addition, reserves will be needed to overcome main risks to the organisation. Whilst the current level of reserves are sufficient, it is the trustees' view that it is prudent to ensure that reserves are increased in future years to provide financial flexibility over the forth coming challenges. ## **Reference and administrative details Registered Company number** 05088258 (England and Wales) ## **Registered Charity number** 1104101 ## **Registered office** 53 Eden Street Kingston Upon Thames Surrey KT1 1BW ## **Trustees** S Daly B O'Mahoney P Steinthal Ms T Kind ## **Independent Examiner** Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD Approved by order of the board of trustees on 10 May 2021 and signed on its behalf by: Page 2 **Fusionarts Limited** ## **Report of the Trustees for the Year Ended 29 September 2020** Ms T Kind - Trustee Page 3 ## **Independent Examiner's Report to the Trustees of Fusionarts Limited** ## **Independent examiner's report to the trustees of Fusionarts Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 September 2020. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Lisa Carr FCCA Freeman Carr Chartered Certified Accountants The Gatehouse 2 Devonhurst Place Heathfield Terrace Chiswick London W4 4JD 10 May 2021 Page 4 ## **Fusionarts Limited** ## **Statement of Financial Activities for the Year Ended 29 September 2020** |2020
Unrestricted
fund
Notes
£
**Income and endowments from**
Other trading activities
2
25,870
Investment income
3
64,985
**Total**
90,855
**Expenditure on**
Raising funds
79,747
Other
3,558
**Total**
83,305
**NET INCOME**
7,550
**Reconciliation of funds**
**Total funds brought forward**
45,477
**Total funds carried forward**
53,027|2019
Total
funds
£
-
114,918
114,918
82,148
3,036
85,184
29,734
15,743
45,477| |---|---| The notes form part of these financial statements Page 5 **Fusionarts Limited** ## **Balance Sheet 29 September 2020** |2020
Unrestricted
fund
Notes
£
**Fixed assets**
Tangible assets
8
-
**Current assets**
Debtors
9
10,260
Cash at bank
47,092
57,352
**Creditors**
Amounts falling due within one year
10
(4,325)
**Net current assets**
53,027
**Total assets less current liabilities**
53,027
**NET ASSETS**
53,027
**Funds**
11
Unrestricted funds
53,027
**Total funds**
53,027|2019
Total
funds
£
273
10,260
39,008
49,268
(4,064)
45,204
45,477
45,477
45,477
45,477| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2020. The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2020 in accordance with Section 476 of the Companies Act 2006. - The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements Page 6 **Fusionarts Limited** ## **Balance Sheet - continued 29 September 2020** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 10 May 2021 and were signed on its behalf by: T Kind - Trustee The notes form part of these financial statements Page 7 **Fusionarts Limited** ## **Notes to the Financial Statements** **for the Year Ended 29 September 2020** ## **1. Accounting policies** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the period of the lease. Page 8 **Fusionarts Limited** ## **Notes to the Financial Statements - continued for the Year Ended 29 September 2020** **----- Start of picture text -----**
|||| |---|---|---| |2.|Other trading activities| |2020|2019| |£|£| |Covid Grant|25,870|-| |3.|Investment income| |2020|2019| |£|£| |Rents received|64,985|114,918| |4.|Net income/(expenditure)| |Net income/(expenditure) is stated after charging/(crediting):| |2020|2019| |£|£| |Depreciation - owned assets|273|274| |Other operating leases|14,560|11,883| |5.|Trustees' remuneration and benefits| **----- End of picture text -----**
There were no trustees' remuneration or other benefits for the year ended 29 September 2020 nor for the year ended 29 September 2019. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 29 September 2020 nor for the year ended 29 September 2019. ## **6. Staff costs** The average monthly number of employees during the year was as follows: **----- Start of picture text -----**
|||| |---|---|---| |2020|2019| |Administration|1|1| **----- End of picture text -----**
No employees received emoluments in excess of £60,000. Page 9 **Fusionarts Limited** ## **Notes to the Financial Statements - continued for the Year Ended 29 September 2020** |**7.**|**Comparatives for the statement of financial activities**|**Comparatives for the statement of financial activities**||||| |---|---|---|---|---|---|---| |||||||Unrestricte| |||||||fund| |||||||£| ||**Income and endowments from**|||||| ||Investment income|||||114,918| ||**Expenditure on**|||||| ||Raising funds|||||82,148| ||Other|||||3,036| ||**Total**|||||85,184| ||**NET INCOME**|||||29,734| ||**Reconciliation of funds**|||||| ||**Total funds brought forward**|||||15,743| ||**Total funds carried forward**|||||45,477| |**8.**|**Tangible fixed assets**|||||| ||**Cost**|Fixtures
and
fittings
£|||Computer
equipment
£|Totals
£| ||At 30 September 2019 and|||||| ||29 September 2020|26,964|||1,094|28,058| ||**Depreciation**|||||| ||At 30 September 2019|26,964|||821|27,785| ||Charge for year|||-|273|273| ||At 29 September 2020|26,964|||1,094|28,058| ||**Net book value**|||||| ||At 29 September 2020|||-|-|-| ||At 29 September 2019|||-|273|273| |||||||| Page 10 **Fusionarts Limited** ## **Notes to the Financial Statements - continued for the Year Ended 29 September 2020** |**9.**|**Debtors: amounts falling due within one year**|||| |---|---|---|---|---| ||||2020|2019| ||||£|£| ||Other debtors||7,344|7,344| ||Prepayments and accrued income||2,916|2,916| ||||10,260|10,260| |**10.**|**Creditors: amounts falling due within one year**|||| ||Social security and other taxes||2020
£
(840)|2019
£
(73)| ||Wages Control Account||3,334|2,570| ||Accrued expenses||1,831|1,567| ||||4,325|4,064| |**11.**|**Movement in funds**|||| ||**Unrestricted funds**|At
30/9/19
£|Net
movement
in funds
£|At
29/9/20
£| ||General fund|45,477|7,550|53,027| ||**TOTAL FUNDS**|45,477|7,550|53,027| ||Net movement in funds, included in the above are as follows:|||| ||**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£| ||General fund|90,855|(83,305)|7,550| ||**TOTAL FUNDS**|90,855|(83,305)|7,550| |||||| Page 11 **Fusionarts Limited** ## **Notes to the Financial Statements - continued for the Year Ended 29 September 2020** ## **11. Movement in funds - continued** ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| ||At|movement|At| ||30/9/18|in funds|29/9/19| ||£|£|£| |**Unrestricted funds**|||| |General fund|15,743|29,734|45,477| |**TOTAL FUNDS**|15,743|29,734|45,477| |Comparative net movement in funds, included in the above are as||follows:|| |**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£| |General fund|114,918|(85,184)|29,734| |**TOTAL FUNDS**|114,918|(85,184)|29,734| |A current year 12 months and prior year 12 months combined position is as follows:|||| |**Unrestricted funds**|At
30/9/18
£|Net
movement
in funds
£|At
29/9/20
£| |General fund|15,743|37,284|53,027| |**TOTAL FUNDS**|15,743|37,284|53,027| |A current year 12 months and prior year 12 months combined||net movement in funds,|| |included in the above are as follows:|||| |**Unrestricted funds**|Incoming
resources
£|Resources
expended
£|Movement
in funds
£| |General fund|205,773|(168,489)|37,284| |**TOTAL FUNDS**|205,773|(168,489)|37,284| ||||| Page 12 **Fusionarts Limited** ## **Notes to the Financial Statements - continued for the Year Ended 29 September 2020** ## **12. Related party disclosures** There were no related party transactions for the year ended 29 September 2020. Page 13 **Fusionarts Limited** ## **Detailed Statement of Financial Activities for the Year Ended 29 September 2020** |**Income and endowments**
**Other trading activities**
Covid Grant
**Investment income**
Rents received
**Total incoming resources**
**Expenditure**
**Raising donations and legacies**
Wages
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Fundraising Activities
Cleaning & Refuse Collection
Exhibition & Display
**Support costs**
**Management**
Travelling
**Finance**
Bank charges
Depreciation of tangible fixed assets
**Information technology**
Repairs and renewals
**Governance costs**
Accountancy fees
Total resources expended
**Net income**|2020
£
25,870
64,985
90,855
30,000
14,560
3,075
873
16,326
1,787
2,138
7,181
2,460
1,347
79,747
-
77
274
351
620
2,587
83,305
7,550|2019
£
-
114,918
114,918
31,935
11,883
3,905
873
17,421
1,723
2,339
8,692
2,365
1,012
82,148
376
115
274
389
295
1,976
85,184
29,734| |---|---|---| This page does not form part of the statutory financial statements Page 14 **Fusionarts Limited** ## **Contents of the Financial Statements for the Year Ended 29 September 2020** ||**Page**| |---|---| |**Report of the trustees**|1 to 3| |**Independent examiner's report**|4| |**Statement of financial activities**|5| |**Balance sheet**|6 to 7| |**Notes to the financial statements**|8 to 13| |**Detailed statement of financial activities**|14|